Iran Executes Billionaire Guilty of $2 Billion Scam: Banker Put to Death for Fraud
Iran is well known for its secretive government and excessive punishments; however, this most recent news was very shocking to the world. Unexpectedly, Iran punished a banker in a way many people in America may want to punish bankers following the precipitous decade the world has had.
According to the BBC, Iranian authorities discovered the issue on September 2011, when an investment firm was accused of forging documents to obtain a credit line from seven Iranian banks of a four-year period. The case has become one of the greatest cases of fraud in history, unless one includes what Wall Street did to the world economy, and caused animosity between then-President Mahmoud Ahmadinejad and Iran's ruling hierarchy of clerics.
They blamed Ahmadinejad's Economics Minister for not doing enough. However, according to USA Today, the Iranian government has now caught and punished the culprit. His name was Mahafarid Amir Khosravi and he was put to death at Evin Prison, north of the capital Tehran, on Saturday. The country's Supreme Court upheld the execution for a crime that has yet to be matched.
According to the report, the billionaire businessman managed to swindle the state out of $2.6 billion in a scam that began back in 2007. The execution happened suddenly, without giving Khosravi any notice, according to his attorney, Gholam Ali Riahi.
"I had not been informed about the execution of my client," Riahi said. "All the assets of my client are at the disposal of the prosecutor's office."
One of the scam's biggest victims was the state's, Bank Saderat. Khosravi used the money to buy assets from state-owned companies like Khuzestan Steel Co. during the nation's privatization scheme. Along with Kohsravi, there were 38 others convicted. Three more were executed by hanging, two received life sentences and the rest 25-year sentences.
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